Can I writeoff the mortgage interest payment for tax purpose for my second home(rental property) in california

mandy asked:


Can I write off the mortgage interest and the property taxes paid for my second property which is a rental property for tax benifits.
Both the properties are located in california.
I also own an investment property outside california. Can I also write off the interest payment for that property.

Veronica

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2 Responses to “Can I writeoff the mortgage interest payment for tax purpose for my second home(rental property) in california”

1. v b Says:
   July 31st, 2009 at 7:14 pm

   Anthony

   Rental income and expenses go on schedule E. If you have a loss for the year, the loss may have to be deferred to a later year.

   Investment interest expenses is often deferred since you must have investment income to offset against it.

2. Judy Says:
   August 2nd, 2009 at 12:07 am

   Alicia

   Rental property is not a “second home” for you, and you can’t write off the interest on schedule A.

   Your rental income and expenses will be listed on a schedule E. You can write off those items there for the rental property, whether you itemize or not - they are totally separate.

   You will show your rental income and expenses for the property outside of CA on a schedule E also.

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